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US Oil-Rig Count Rises
The number of oil rigs operating in the US this week rose for the first time in seven weeks. Data from Houston-based Baker Hughes (BHGE), an oil-field services company, showed the US oil rig tally rose six this week to 770. A year ago, the count was 869. The gas sector lost four rigs this week to 165 while miscellaneous… Continue reading
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CBS, Viacom Plan Reunification to Create Entertainment Giant
CBS (CBS) and Viacom (VIA, VIAB) confirmed their plans to reunite on Tuesday, with the combination set to create an entertainment company with more than $28 billion in revenue and include the largest television business in the US. The all-stock deal will see each Viacom Class A voting share and Class B non-voting share converted into 0.59625 of voting share… Continue reading
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Wayfair Reports Better-Than-Expected Second-Quarter Results
Wayfair (W) on Thursday reported better-than-expected results for the second quarter as online home-goods retailer saw a nearly 40% jump in active customers from the year before. The Boston-based company said its loss for the quarter ended June 30 widened to $1.35 on diluted non-GAAP basis from $0.77 in the prior-year period. Capital IQ had expected a loss of $1.37…. Continue reading
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Cleveland Fed’s Mester Says More Information Needed Before Rate Cut Is Considered
Cleveland Federal Reserve Bank President Loretta Mester said it’s too soon to determine whether the scenario of sustainable growth is still intact or whether downside risks are bringing a material change to the outlook and a policy rate cut would be needed. “I prefer to gather more information before considering a change in our monetary policy stance,” Mester said in… Continue reading
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Worthington Industries Ups Dividend
Worthington Industries (WOR) raised its dividend despite posting a year-on-year decline in its fourth-quarter revenue as a challenging steel pricing environment and lower volume in pressure cylinders weighed. The Columbus, Ohio-headquartered metals manufacturing company reported revenue of $938.8 million in the three months ended May 31, down from $1.02 billion in the corresponding quarter of the prior year, according to… Continue reading
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Oil Steady As Focus Shifts From Mideast To G-20 Meeting
Oil prices were mostly steady early on Tuesday as the market waits on any progress on ending the trade war between China and the United States at the upcoming G-20 meeting in Japan. West Texas Intermediate crude for August delivery was last seen up US$0.02 to US$57.92 per barrel while near-month Brent was down US$0.09 to US$64.77. While prices have… Continue reading
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Industrial Production, Capacity Utilization Rise More Than Expected in May, Fed Says
Industrial production in the US rose more than expected last month, led higher by utilities, according to Federal Reserve data released on Friday. The Fed said industrial production rose 0.4% in May following a revised 0.4% contraction in April. Econoday had expected a 0.2% gain Utilities climbed 2.1% while manufacturing firmed 0.2%. Mining added 0.1%. “As encouraging as this headline… Continue reading
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Bluebird Down 5% on $1.8 Million Price Tag for Gene Therapy Zynteglo
Bluebird Bio (BLUE) shares were down 5% on Friday afternoon after the company earlier in the day set a price of EUR1.6 million ($1.8 million) over five years for its gene therapy Zynteglo, making it the second most expensive therapy in the world behind Novartis’ (NVS) Zolgensma at $2.1 million, according to media reports. A few hours later, Cowen analyst… Continue reading
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S&P 500 Posts 0.5% Weekly Gain, Led by Consumer Discretionary
The Standard & Poor’s 500 index rose 0.5% this week as gains across a number of sectors led by consumer discretionary and communication services outweighed declines in energy, industrials and technology. The market benchmark ended the week at 2,886.98, up from last week’s closing level of 2,873.34. This marks the measure’s second positive week in a row and puts the… Continue reading
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Goldman Sachs to Combine 4 Units And Plan to Raise Money
Goldman Sachs Group (GS) plans to combine four separate units that invest in private companies, real estate and other hard-to-access deals, create a new unit and plan a fundraising blitz, according to people familiar with the matter, cited by the Wall Street Journal. The division’s exact makeup will take shape over the next few months, but it is likely to… Continue reading
